LME price remains stalled near $... per mton; Billet spot premiums jump in the Iberian Peninsula

1. LME prices retreat as they continue to face profit-taking selling despite geopolitics tensions lingering.

2. China’s aluminum prices reach three-month highs ahead of the weeklong holiday.

3. EUROPEAN BILLET ALERT. CONSOLIDATING: Spot billet premium range widens in the Iberian Peninsula, while Q2 contract negotiations continue.

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4. EUROPEAN SCRAP ALERT. BULLISH PRESSURE: 3xxx and 5xxx scrap prices jump; secondary prices also up.

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5. BRAZIL DUTIES ALERT. NO DUTY SET: Brazil concludes AD investigation with negative decision.

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6 US PFA ALERT. PFA demand seems stabilizing, although lingering auto chip shortage issues persist.

7. LME Cash–3M backwardation intensifies to $... per mton, the steepest in five months (bearish for P1020 spot premiums).

More details in full report.